As a landlord, dealing with void periods can be a challenging and stressful experience. When a property is vacant, not only are you missing out on rental income, but you may also be faced with the financial burden of paying business rates on an empty property. However, there is some good news for landlords – void rates relief.
Void rates relief, also known as empty property rates relief, is a scheme that allows landlords to claim a reduction in business rates for properties that are empty for a certain period of time. This relief can provide much-needed financial assistance to landlords during times when their properties are vacant and help alleviate some of the financial strain that comes with void periods.
In this article, we will take a closer look at void rates relief and how landlords can take advantage of this scheme to help with their empty properties.
**What is void rates relief?**
Void rates relief is a form of financial assistance provided to landlords to help with the costs of business rates on empty properties. Business rates are a type of tax that is charged on most non-domestic properties, including commercial buildings and rental properties. When a property is vacant, landlords are still required to pay business rates, which can be a significant financial burden, especially during long void periods.
Void rates relief allows landlords to claim a reduction in their business rates for properties that are empty for a certain period of time. The amount of relief that can be claimed varies depending on the local authority and the individual circumstances of the property. In some cases, landlords may be eligible for a full exemption from business rates for a set period of time, while in other cases, they may only be eligible for a partial reduction.
**How Can Landlords Claim void rates relief?**
Landlords who wish to claim void rates relief for their empty properties will need to apply to their local council or authority. The process for claiming void rates relief can vary depending on the local authority, so it is important for landlords to check with their council to find out what steps they need to take to make a claim.
In most cases, landlords will need to provide evidence that their property is empty and that they are actively trying to find new tenants. This may include providing details of any marketing efforts, such as advertising the property online or with a local estate agent, as well as any efforts to make the property more attractive to potential tenants, such as renovations or improvements.
**Benefits of void rates relief for Landlords**
There are several benefits of void rates relief for landlords. The most obvious benefit is financial – by claiming void rates relief, landlords can reduce the financial burden of paying business rates on empty properties, which can help to alleviate some of the pressures of void periods. This can be particularly helpful for landlords who are experiencing long void periods or who have multiple vacant properties.
In addition to the financial benefits, void rates relief can also help landlords to attract new tenants. By reducing the costs associated with renting a property, landlords may be able to offer more competitive rental rates, making their properties more attractive to potential tenants. This can help to reduce the length of void periods and increase the likelihood of finding a new tenant quickly.
**Conclusion**
Void rates relief is a valuable scheme that can provide much-needed financial assistance to landlords during times when their properties are empty. By claiming void rates relief, landlords can reduce the financial burden of paying business rates on vacant properties and make their properties more attractive to potential tenants.
If you are a landlord with empty properties, it is worth exploring the option of void rates relief to see if you are eligible to claim a reduction in your business rates. By taking advantage of this scheme, you can help to make void periods less stressful and more financially manageable.